Word: sec
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...depth of the scandal started to become clear with the alarming testimony of Stephen Cutler, enforcement director of the Securities and Exchange Commission, who spoke at hearings before the Senate last week. The SEC has so far examined records from 88 of the largest mutual funds in the country, looking for evidence of market timing--rapid, short-term trading that most mutual funds try to discourage because it drives up costs for other investors--and late trading, the illegal practice of allowing investors to trade after hours using outdated prices...
...also said that more than 30% of the funds surveyed appeared to have disclosed details about their holdings only to select investors, who could have traded on that information. "It's insider trading. It's totally illegal," says Kathryn Barland, a senior research analyst at Lipper and a former SEC enforcement officer. "I suspect it's very common...
...COOKING THE BOOKS Enron's Ken Lay, who last week agreed to hand over records to the SEC, and Jeffrey Skilling are poster boys for business-accounting scandals, but they have not been charged. (Other Enron executives have been.) HealthSouth's Richard Scrushy was accused of inflating earnings, while WorldCom's Bernard Ebbers faces securities-fraud charges in Oklahoma. Both men have pleaded not guilty...
...FAKING RESEARCH High-flying Wall Street analysts Jack Grubman of Citigroup and Henry Blodgett of Merrill Lynch got nailed for issuing glowing reports on companies they in fact deemed unworthy. Both men and their firms paid multimillion-dollar fines to the SEC...
...there is luck, and in war they sometimes come together. The RPG that severed three legs in a fire fight late last August near Fallujah didn't explode, which probably saved the lives of Wyatt, Castro and Meinen. But even a dud traveling at nearly 1,000 ft. per sec. can slice through limbs like a meat cleaver. The three men were alive, but there was a real danger that they would bleed to death in minutes amid the smoke, dust and confusion. As troops on the two other APCs continued firing, the lone medic among the 15 soldiers...